General Motors (NYSE:GM) expects sales of its electric Chevrolet Bolt models can rebound from a high-profile recall after several vehicles caught fire to achieve record results in 2022.
"We see record numbers of sales and production for ’22, and we see ‘23 being bigger than ’22. We are bullish on both EV and EUV," said one official.
The automaker restarted production and shipments of the Bolt EV and a larger “EUV” version this week. Production of the vehicles at a plant in Michigan had largely been down since August, when the automaker recalled every Bolt that had been produced at the factory since 2016.
The recall followed the Detroit automaker determining two “rare manufacturing defects” in the lithium-ion battery cells of the vehicle’s battery pack could cause a fire. GM is aware of 19 vehicle fires related to the problem, a spokesman said.
The fires and recall were a major setback for the automaker in terms of EV sales and its reputation, despite its battery supplier, an LG company, taking blame for the issues.
GM will attempt to relaunch the Bolt models to Americans starting Thursday with a new national television campaign for the cars. Ads shown to media do not mention the recall or fires.
The Bolt EV went on sale in December 2016, while the Bolt EUV went on sale last year shortly before all the vehicles were recalled. The Bolt nameplates achieved record sales of nearly 25,000 units last year, topping sales of the Bolt EV of more than 23,000 in 2017.
GM shares lost 77 cents, or 1.9%, to $38.73.
